Business
MTY completes the acquisition of Dagwoods Sandwiches and Salads
MTY completes the acquisition of Dagwoods Sandwiches and Salads Canada NewsWire ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of Dagwoods Sandwiches and Salads\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, Sept. 29, 2017\n\n\n\nTSX Trading Symbol: \"MTY\n\n\n\nMONTREAL, Sept. 29, 2017 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on June 20, 2017, it has acquired the totality of the assets of Dagwoods Sandwiches and Salads (www.dagwoods.ca) (\"Dagwoods\").\n\nThe total consideration for the transaction is approximately $3.0 million, of which $2.6 million was paid on closing, $0.3 million was retained as holdback on the transaction and $0.1 million in net liabilities were assumed. The consideration paid on closing was paid in cash, financed from MTY's cash on hand.\n\nAt closing, the Dagwoods network operates twenty franchised restaurants and two corporately-operated kiosks.\n\nMr. Spiro Krallis, Dagwoods' current president, will continue with MTY for a three-month period to ensure a smooth transition. Mr. Michel Lamontagne will be leading the Dagwoods operations following the closing of the transaction. MTY expects to move the Dagwoods operations to its headquarters in St-Laurent, Quebec.\n\nForward looking information\n\nCertain information in this News Release constitutes \"forward-looking\" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.  When used in this News Release, this information may include words such as \"anticipate\", \"estimate\", \"may\", \"will\", \"expect\", \"believe\", \"plan\" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved.  This forward-looking information reflects current ...